Lhyfe (LHYFE) H1 2025 earnings summary

Executive summary

• Revenue nearly tripled year-over-year in H1 2025 to €4.6m, driven by industrial ramp-up, expanded customer base, and increased deliveries, especially in France, Germany, and Sweden.

• Over 370 deliveries made in H1 2025, doubling last year's volume, with a growing presence in key European markets.

• Secured €53m in project financing for four production sites, including a pioneering citizen crowdfunding campaign.

• Major grants secured: €149m for the Green Horizon project, €11m in Sweden, and €2.5m for Croixrault, supporting large-scale green hydrogen expansion.

• Four sites in France and Germany achieved RFNBO certification, making the group the largest RFNBO hydrogen producer by water electrolysis in Europe.

Financial highlights

• Revenue reached €4.6m in H1 2025, up from €1.7m in H1 2024, reflecting strong commercial momentum.

• Adjusted EBITDA stable at €(13.2)m, as higher margin was offset by increased external expenses.

• Net result was €(21.7)m, compared to €(14.0)m in H1 2024, impacted by higher financial and operating costs.

• Operating loss widened to €(19.8)m from €(13.3)m, mainly due to higher depreciation and share-based payments.

• Cash and cash equivalents stood at €65.4m at 30 June 2025, after significant investments and receipt of subsidies.

Outlook and guidance

• Revenue expected to double in 2025 to around €10m, with further substantial growth anticipated in 2026 from direct and indirect sales and co-development activities.

• Strong cash position and industrial base support continued expansion, though regulatory uncertainties could impact 2026 targets.

• Maintains flexibility to adapt investments and scaling pace to market and regulatory conditions.